H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-2S3 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, May 24; of the Federal Reserve System not earlier. May 23, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended May 22 member bank reserve balances increased $129,000,000. Additions to member bank reserves arose from increases of $122,000,000 in gold stock, $3,000,000 in Treasury currency, and $2,000,000 in Reserve bank credit, and decreases of $55,000,000 in Treasury deposits with Federal Reserve banks and $19,000,000 in Treasury cash, offset in part by increases of $15,000,000 in money in circulation and $57,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on May 22 were estimated to be approximately $6,370,000,000, an increase of $70,000,000 for the week. The principal change in holdings of bills and securities was an increase of $3,000,000 in United States Government securities, direct and guaranteed: holdings of bonds increased $2,0C0,000 and of notes $1,000,000. Changes in member bank reserve balances and related items during the week and the year ended May 22, 1940, woro as follows: Increase or decrease since May 22, May 15, May 24, 1940 1940 1939 (in millions of dollars) Bills discounted 2 - 1 2 Bills bought 1 U.S. Gov't securities,direct and guaranteed 2,477 + 3 87 Industrial advances (not including 9 million commitments - May 22) 9 4 Other Reserve bank credit 32 37 Total Reserve bank credit 2,520 + 2 - 56 Gold stock 19,071 +122 +3,144 Treasury currency 3,007 + 3 + 148 Member bank reserve balances 13,223 +129 +3,126 Money in circulation 7,613 + 15 + 720 Treasury cash 2,20-4 - 19 Ida - Treasury deposits with F.R. banks 370 - 55 - 5U5 Nonmember deposits and other F.R. accounts 1,189 + 57 + 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, May 24,1940; not earlier. STATEMENT OF CONDITION OF THE TWELVE -FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since May 22, May 15, 1t oy 24, 1940 1940 1939 A S S E TS Gold certificates on hand and due from U. S. Treasury 16,841,976 +150,001 +3,559,258 Redemption fund - F. R. notes 7,737 1,352 1,635 - - Other cash 374,374 - 4,237 - 7,704 Total reserves 17,224,087 +144,412 +3,549,919 Bills discounted! Secured by U. S. Gov!t obligations, direct and guaranteed 1,093 + 413 - 1,114 Other bills discounted 1,234 - 908 - 614 Total bills discounted 2,327 - 495 - 1,728 Bills bought in open market 561 — - Industrial advances 99,,223322 - 60 - 3,593 U. S. Government securities, direct and guaranteed: Bonds 1,3^6,995 + 2,150 + 435,905 Notes 1,130,125 + 900 - 45,984 Bills 476,816 — - - - Total U. S. Government securities, direct and guaranteed 2,477,120 + 3,050 86,895 Total bills and securities 2,488,679 + 2,495 - 92,777 Due from foreign banks 47 _ — - 114 F. R.notes of other banks 21,377 + 122 + 1,570 Uncollected items 664,147 -123,977 + 70,261 Bank premises 41,595 + 42 - 928 Other assets 62,465 + 705 + 9,373 T O T AL A S S E TS 20,502,397 + 23,799 +3,537,304 L I A B I L I T I ES F. R. notes in actual circulation 44,,998844,,661111 + 1155,,887766 + 553388,,223322 Deposits: Member bank - reserve account 13,222,502 +128,828 +3,125,880 U # S. Treasurer - General account 370,008 - 54,626 - 545,377 Foreign bank 449,854 + 48,924 + 168,313 Other deposits 484,761 + 7,875 + 208,534 Total deposits 14,527,125 +131,001 +2,957,350 Deferred availability items 663322,,665533 -123,552 + 33,409 Other liabilities including accrued dividends 4,728 + 228 - 233 T O T AL L I A B I L I T I ES 20,149,117 + 23,553 +3,528,758 C A P I T AL A C C O U N TS Capital paid in 136,127 + 19 + 1,179 Surplus (Section 7) 151,720 + 2,568 Surplus (Section 13b) 26,839 425 - Other capital accounts 38,594 + 227 + 5,224 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 20,502,397 + 23,799 +3,537,304 Ratio of total reserves to deposit and F. R« note liabilities combined 88,3% + .1% + 22..99??oo Commitments to make industrial advances 8,883 - 50 - 2,752 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON APRIL 24, 1940 (in thousands of dollars) A S S E TS Total Boston New York Phila* Cleve. Rich. Atlanta Chicago St.Louis Minn. Xans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 16,841,976 911,717 8,411,417 929,668 1,056,283 414,313 325,725 2,634,384 369,379 250,672 352,790 229,991 955,637 Redemption fund - F.R.notes 7,737 201 944 ^7^5 6 J4-1i3 ** 806 480 51^47^ 522 5941 li^2 45 736 1,426 Other cash 374,374 Total reserves 17,224,087 944,541 8,524,347 957,786 1,081,355 436,223 344,616 2,684,444 388,047 259,194 371,173 245,753 986,608 Bills discounted! Secured by U. S. Gov't obligations, direct and guaranteed 1,093 37 235 61 23 30 20 35 500 80 15 3344 23 Other bills discounted 1,234 16 204 29 37 70 67 — — 120 65 250 305 71 Total bills discounted 2,327 53 439 90 60 100 87 35 620 145 265 339 94 Industrial advances 9,232 11,,116688 22,,002288 22,,665577 363 912 279 338 60 174 104 476 673 U. S. Government securities' 't direct and guaranteed: Bonds 1,346,995 98,199 404,247 107,604 137,752 68,663 56,851 147,369 6611,,667722 4400,,551100 6622,,009966 51,835 110,197 Notes 1,130,125 82,387 339,160 90,279 115,574 57,610 47,699 123,644 51,742 33,987 52,098 43,490 92,455 Total U. S. Gov't securities. direct and guaranteed 2,477,120 180,586 743,407 197,883 253,326 136,273 104,550 271,013 113,414 74,497 114,194 95,325 202,652 Total bills and securities 2,488,679 181,807 745,874 200,630 253,749 127,285 104,916 271,386 114,094 74,816 114,563 96,140 203,419 Due from foreign banks 47 3 18 5 4 2 2 6 1 * 1 1 4 F. R. notes of other banks 21,377 852 1,612 884 1,546 3,082 2,209 2,741 1,975 1,282 2,405 585 2,204 Uncollected items 664,147 63,313 161,663 52,973 76,799 55,438 26,480 92,949 30,086 17,483 27,658 22,832 36,473 Bank premises 41,595 2,871 9,839 4,530 5,485 2,519 2,019 3,367 2,325 1,386 3,181 1,153 2,920 Other assets 62,465 4,241 18,036 4,951 6,955 3,613 2,576 6,524 2,731 1,929 2,769 2,647 5,493 T O T AL A S S E TS 20,502,397 1,197,628 9,461,389 1,221,759 1,425,893 628,162 482,818 3,061,417 539,259 356,090 521,750 369,111 1,237,121 *Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FE-283-C STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON MAI 22, 1940 (In thousands of dollars) L I A B I L I T I ES rotal Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F. R. notes in actual circulation 4,984,611 407,516 1,313,809 347,693 455,052 216,032 160,936 1,095,845 192,162 142,357 182,373 78,576 392,260 Deposits: Member bank-reserve acct. 13,222,502 647,487 7,213,805 700,067 792,972 302,378 231,565 1,726,653 266,689 156,254 264,638 .214,657 705,337 U.S.Treasurer-General acct. 370,008 16,929 117,858 25,481 21,894 16,369 25,632 36,588 19,421 17,921 23,912 24,334 23,669 Foreign bank 449,854 32,519 156,592 44,580 42,305 19,560 15,921 54,587 13,647 10,008 13,192 13,647 33,296 Other deposits 484-,761 7,201 389,749 18,378 8,151 4,605 10,718 7,897 5,905 5,232 434 3,340 23,151 Total deposits 14,527,125 704,136 7,878,004 788,506 865,322 342,912 283,836 1,825,725 305,662 189,415 302,176 255,978 785,453 Deferred availability items 632,653 61,060 145,871 52,238 71,812 53,713 25,010 94,317 30,342 14,944 26,503 23,111 33,732 Other liabilities including accrued dividends 4,728 440 1,403 462 485 160 190 542 133 186 253 175 299 TOTAL LIABILITIES 20,149,117 1,173,152 9,339,087 1,188,899 1,392,671 612,817 469,972 3,016,429 528,299 346,902 511,305 357,840 1,211,744 C A P I T AL A C C O U N TS Capital paid in 136,127 9,332 51,045 11,918 13,997 5,276 4,632 13,629 4,131 2,956 4,378 4,119 10,714 Surplus (Section 7) 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Surplus (Section 13b) 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 533 1,001 1,142 1,266 2,121 Other capital accounts 38,594 1,865 10,822 2,351 3,895 1,576 1,776 7,106 1,582 2,079 1,312 1,912 2,318 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 20,502,397 1,197,628 9,461,389 1,221,759 1,425,893 628,162 482,818 3,061,417 539,259 356,090 521,750 369,111 1,237,121 Commitments to make industrial advances 8,883 322 839 1,145 1,173 696 516 18 175 57 167 - 3,775 MATURITY DISTRIBUTION OF BILLS MP SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 2,327 1,386 167 196 171 407 Industrial advances 9,232 1,609 142 622 897 796 1,146 1,908 2,112 U. S. Government securities, direct and guaranteed 2,477,120 224,796 248,417 732,608 1,271,299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATELIEST ON MAY 22, 1940 (In thousands of dollars) Total Boston Nov; York Phila. Clove. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes* Issued to F.R. bank by F.R.agent 5,318,607 424,228 1,421,516 364,662 482,048 233,222 174,313 1,138,343 204,098 147,499 194,935 86,207 447,536 Held by Federal Reserve bank 333,996 16,712 107,707 16,969 26,996 17,190 13,377 42,498 11,936 5,142 12,562 7,631 55,276 In actual circulation 4,984,611 407,516 1,313,809 347,693 455,052 216,032 160,936 1,095,845 192,162 142,357 182,373 78,576 392,260 Collateral hold by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 5,435,500 440,000 1,445,000 375,000 484,000 250,000 180,000 1,150,000 209,000 148,500 200,000 90,000 464,000 Eligible paper 1,657 53 439 90 - - 100 - - - - 565 145 265 - - Total collateral 5,437,157 440,053 1,445,439 375,090 484,000 250,100 180,000 1,150,000 209,565 148,645 200,265 90,000 464,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis